Exim Bank to raise $3 billion from overseas markets this fiscal: MD David Rasquinha
Exim Bank MD David Rasquinha said in 2016-17 the bank raised more than $2 billion from markets abroad
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New Delhi: Exim Bank plans to raise up to $3 billion from overseas markets this fiscal.
"We would be looking to raise between $2.5-3 billion in the current fiscal year," Export Import Bank of India (Exim Bank) managing director David Rasquinha told PTI. In 2016-17, the bank raised more than $2 billion from markets abroad, he said.
Depending upon market conditions, Exim Bank borrows money tapping overseas resources. "Even if we don't use money right away, I can deploy it as liquidity because as a financial institution we have to think long term. Our assets go right up to 20 years," Rasquinha said.
Exim Bank funds long-term projects in Africa, SAARC countries and those in far east. Of its total funding every year, half of the credit goes to African nations.
Talking about geographical mix in terms of lending, Rasquinha said that Bangladesh, Sri Lanka, Nepal and Myanmar are strong areas in the Indian neighbourhood. In East Asia, Cambodia, Vietnam, Laos are important countries, he added.
The African continent poses tremendous opportunities for Indian businesses and there are a lot of commonalities between India and Africa when it comes to development, he said.
"At Exim Bank, we are trying to promote Indian investors to do business in Africa in power, renewable energy, railways, roads and agriculture," Rasquinha said.